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- 21/06/2022 at 7:58 pm #6607kristi7943Guest
If you are considering a divorce in Arkansas, among the first things you will need to decide is how to divide your assets. This can be a complex process, and there are numerous aspects that you will need to take into consideration. In this post, we will talk about a few of the most important things to keep in mind when dividing property n a divorce in Arkansas.
When it concerns dividing marital assets in a divorce, the first thing you must do is identify what is considered marital property under Arkansas divorce laws. The basic rule is that marital property consists of any asset that was obtained throughout the marital relationship, with a couple exceptions. Property gotten during the marriage via present or inheritance is thought about separate property rather than marital property. Therefore, a partner’s separate property is any asset that the spouse owned prior to the marriage or that was acquired as a gift or through inheritance. All other assets are up for division as marital property in a divorce. This includes things like houses, vehicles, furnishings, savings account, earnings streams, and business interest.
Once you have actually identified what assets are thought about marital property, the next step is to identify how to divide it. So long as both spouses agree, the spouses can opt to divide the marital property any way they desire. Nevertheless, if a settlement can not be reached by both partners, then the judge will have to determine how to divide the assets.
Arkansas law requires a judge to make a reasonable division of the marital property, which generally implies an equivalent division of the property. Nevertheless, the court may pick an unequal division of marital property if the judge thinks an equivalent division would be unfair after considering the following aspects:
– The length of the marriage;
– The health and age of each partner;
– The earning capability of each partner;
– The education and training of each spouse;
– Any vocational skills;
– The contribution of each spouse to the acquisition, conservation, or increase in worth of the marital property throughout the marriage;
– The homemaking contributions of each partner;
– The relative needs of each spouse; and
– The separate property of each spouse
As you can see, there are many issues that the court will think about when dividing marital property in a divorce. It is very important to keep these factors in mind when working out settlement with your partner. If you are unable to reach a settlement with your partner about how to divide your property, the court will make a decision for you.
If you have actually reached an arrangement on how to divide your marital property, an can make the divorce process simple, fast and cost effective.